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Capital Controls, Collection Costs, and Domestic Public Debt

1990 Capital movements
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Release : 1990
Genre : Capital movements
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Capital Controls, Collection Costs, and Domestic Public Debt by : Joshua Aizenman

Download or read book Capital Controls, Collection Costs, and Domestic Public Debt written by Joshua Aizenman. This book was released on 1990. Available in PDF, EPUB and Kindle. Book excerpt: The implications of a large public debt for the implementation of capital controls for an economy where tax revenue collection is costly are examined. Conditions are analyzed under which policymakers will resort to capital controls to reduce the cost of recycling domestic public debt. The linkages between a costly tax collection mechanism, capital controls, am domestic government debt are explored in terms of a two-period m:x1el of optimal taxation. Numerical simulations are provided to illustrate haw capital controls are linked to different domestic public debt levels am to different degrees of efficiency in tax-revenue collection.

The Liquidation of Government Debt

2015-01-21 Business & Economics
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Release : 2015-01-21
Genre : Business & Economics
Kind : eBook
Book Rating : 380/5 ( reviews)

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Book Synopsis The Liquidation of Government Debt by : Ms.Carmen Reinhart

Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart. This book was released on 2015-01-21. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.

Capital Controls and the Cost of Debt

2017-06-15 Business & Economics
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Release : 2017-06-15
Genre : Business & Economics
Kind : eBook
Book Rating : 997/5 ( reviews)

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Book Synopsis Capital Controls and the Cost of Debt by : Eugenia Andreasen

Download or read book Capital Controls and the Cost of Debt written by Eugenia Andreasen. This book was released on 2017-06-15. Available in PDF, EPUB and Kindle. Book excerpt: Using a panel data set for international corporate bonds and capital account restrictions in advanced and emerging economies, we show that restrictions on capital inflows produce a substantial and economically meaningful increase in corporate bond spreads. A number of heterogeneities suggest that the effect of capital controls on inflows is particularly strong for more financially constrained firms, establishing a novel channel through which capital controls affect economic outcomes. By contrast, we do not find a robust significant effect of restrictions on outflows.

The Liquidation of Government Debt

2015-01-21 Business & Economics
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Release : 2015-01-21
Genre : Business & Economics
Kind : eBook
Book Rating : 238/5 ( reviews)

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Book Synopsis The Liquidation of Government Debt by : Ms.Carmen Reinhart

Download or read book The Liquidation of Government Debt written by Ms.Carmen Reinhart. This book was released on 2015-01-21. Available in PDF, EPUB and Kindle. Book excerpt: High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies.

High Public Debt

1988-06-16 Business & Economics
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Release : 1988-06-16
Genre : Business & Economics
Kind : eBook
Book Rating : 350/5 ( reviews)

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Book Synopsis High Public Debt by : Francesco Giavazzi

Download or read book High Public Debt written by Francesco Giavazzi. This book was released on 1988-06-16. Available in PDF, EPUB and Kindle. Book excerpt:

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